Real Estate News: Tax Benefit Lifts Toll Bros.

House of the Day: Illinois Gathering Spot: The owners of this home in Mettawa, Ill., designed it as a gathering spot for their six children and 10 grandchildren. The home features walnut wood floors, a gourmet kitchen, several fireplaces and vaulted ceilings.

Here is a look at real-estate news in today’s WSJ:

Tax Benefit Lifts Toll Bros.: Toll Brothers said fiscal third-quarter earnings jumped 54% with a boost from a bigger tax benefit, yet the luxury home builder saw a double-digit drop in revenue as it delivered fewer homes and saw an uptick in its cancellation rate.

New York Spars in Foreclosure Talks: Efforts to forge a consensus among government officials seeking to negotiate a foreclosure settlement with banks are stumbling in the face of New York State Attorney General Schneiderman’s efforts to include both consumer and investor claims.

Hyatt Cuts Back on LodgeWorks Purchase: Hyatt Hotels has scaled back its purchase of several extended-stay hotels from LodgeWorks to 20 from 24 and lowering the price to $661 million from $802 million.

J.P. Morgan Sues Meritage in Nevada Land Spat: J.P. Morgan filed a lawsuit against Meritage Homes earlier this week as the two firms continue to trade fire in the courtroom over a failed housing development in Nevada known as Inspirada.

House of the Day: Illinois Gathering Spot: The owners of this home in Mettawa, Ill., designed it as a gathering spot for their six children and 10 grandchildren. The home features walnut wood floors, a gourmet kitchen, several fireplaces and vaulted ceilings.

Skyscraper District Opponents Stand Tall: Amid celebrations of Downtown Brooklyn’s economic revival, some residents and business owners are saying a proposed historic district would put a brake on redevelopment of its struggling Court Street corridor.